I am one of those people who try to purchase American made products whenever possible. I am a proud American and I thought I knew what globalization was until I read this book.
There are very few things that will get me upset and ready to fight but my country is one of those things. I love to see the Old Glory blowing in the wind. I am proud of our men and women who give of themselves to keep us safe. I take pride in the workmanship of the American People. However while I was reading this book, I got mad. I got really mad and I wanted to scream at the US citizens to wake up and look at what is happening to this great country of ours.
The War For Wealth took my fears of the failing economy and expounded on them. This book confirms the fact that we are loosing jobs and power to other countries. Each chapter goes into great detail and continues to ask the question : Is globalization a force for good, or is it a policy that is sure to destroy the economic foundation of the United States while exporting our wealth and prosperity overseas.
The author lays out three potential scenarios the world faces
1. Shock Scenario in which there is a global economic crash
2. Asia over all scenario in which the rising economics of Asia completely overtake the West
3. American renaissance scenario in which US politicians unite with each other and with Europe forming a pragmatic third way to bring the West back from the brink of destruction.
This book is a reality check for Americans who think all is well.
This book gives details of events that have happened in the past and how they affect our future as well as events that are happening today and how they are affecting our future.
It is scary to think of what could happen if we do not get this country under control. This is not just a fiction book. It is a true story and it is written by a man with experience and knowledge.
Globalization is the defining force of our lifetime, but most politicians have not understood the complexity of the process. Thus argues Gabor Steingart, in his controversial and thought-provoking new book The War for Wealth.
Like most business men, the political elite believe that the global economy has created a win-win-situation: a flat world without borders and limits, promising everyone a fair chance. Steingart disagrees, "Unfortunately the flat-earth mentality is wrong, globalization is not a unifying force, but rather a divisive one." What he sees outside is a global shift in power and prosperity. Not satisfied with the doomsday scenarios which are so popular these days among the opponents of globalization, Steingart passionately advocates the foundation of the United States of the West, with a Harvard style first-class education for everybody and the first consumer revolution in world history.
I urge every American citizen who is concerned about the economy to read this book. I would love to have a discussion with someone who has read this book as well.
ABOUT THE AUTHOR
Gabor Steingart is an international bestselling author and senior correspondent of Der Spiegel in Washington DC. He has been awarded the Economic Writer of the Year Award 2004 in Germany, and in 2007 he won the Helmut Schmidt Award for Advanced Journalism. His op-ed pieces are published in The Wall Street Journal and European Affairs. His weekly column 'West Wing - The Battle for the White House' appears on Spiegel Online, BusinessWeek.com and RealClearPolitics.com. With his critical view on Democratic presidential hopeful Barack Obama, Steingart has become a controversial figure in the US Media. His columns and op-eds are widely discussed in the blogosphere, from Foreign Affairs.com and myspace.com to the New Republican.com.
Steingart joined Der Spiegel in 1990 as an economic writer, responsible for covering the Eastern, formerly Communist part of Germany. He later served as a financial correspondent in Bonn, before the capital moved to Berlin. From 1993 to 2000 Steingart headed the economic department of a news magazine in Hamburg, before becoming bureau chief of Der Spiegel in Berlin. In 2007 he moved to the United States, as senior correspondent in Washington D.C.
Steingart studied economics and political science in Marburg and Berlin and graduated from the Freie Universität Berlin. In his thesis he focused on the reality of the planed economy in the socialist part of Germany and predicted the breakdown of the so called German Democratic Republic, GDR. After university he attended the Georg von Holtzbrinck School for Economic Journalism.
- Hardcover: 304 pages
- Publisher: McGraw-Hill; 1 edition (April 4, 2008)
- Language: English
- ISBN-10: 0071545964
- ISBN-13: 978-0071545969
- Product Dimensions: 9 x 6.3 x 1.3 inches
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Comments: 29
Invisible Hand
Of course it's being free will make you assume it is worthless but that's another lie money tells you. This is a completely new and different look at economics and a host of other things (like divorce and annoying ads on TV) that are all based on the same problem. It also provides the solution.
Connie, I am chomping at the bit to read this book for my review. I'll be happy to do a chat/discussion with you about it afterward. Who knows maybe other reviewers will feel the same and we can all hang out together.
Now that I read your review I am even more intrigued.
It is a great book. You will read it in just a few days though. It takes a while because it is so thought provoking and in depth.
DN,
Are you going to be reading it?
Bridget,
Glad you enjoyed it
Priscilla,
Do you think this is a book that is something you would read?
You are so right. China is a major player right now and getting stronger.
Larry,
There are many views on what is happening to the country but to understand each of them, we have to discuss them.
Rose,
Hurry and read that book. I really want to chat about it with someone. It is not a book you can read quickly.
I think we have been deceived on many levels by the government.
I am glad you enjoyed it.
This is the book that I have been telling you about
Check at your local library. I am sure they can get it for you if they don't already have it. :)
One thing I was intrigued by was the author's observation that we are so distracted by the threat of terrorism (look at all the recent coverage of Iranian missile testing) that we are ignoring the economic threats at our door. This is not to downplay terrorism, but rather to alert Americans that they need to readjust their focus for the long-term problems that are creeping up on us.
Good review Connie. Look for mine in a few days.
We as voters can read and maybe we can make better choices that will ultimately shift the war for wealth back into our part of the world. I dont for a minute think Politicians care about the economy.
I agree. I cant wait until you and Rose finish the book. Then we can start a discussion on the thoughts and suggestions. I would love to chat about the book with someone.
Yup, this all sounds right on target. One of the first things globalization brought to us was placing the American workers in competition for jobs with folks on foreign shores; foreign folk whose costs of living were so low that they would work for dramatically lower wages than what is needed for a living wage here in America. American companies can reap windfalls from hiring lower wage foreign labor rather than our local American workers, but the downside is to drain the American economy.
Likewise, globalization has caused the American investing class to sink their dollars into foreign based businesses, where profit margins and return on investments are higher. That result has led to less investing in businesses within our shores which, of course, has led to less work available here for Americans.
Steingart is exactly correct; Globalization, as worked today, is divisive, not unifying.
Thanks again for the review. I'll look for this book.
SORRY IF I GOT A LITTLE CARRIED AWAY -IT WAS HARD TO STICK TO THREE QUESTIONS EVEN.
I'M LEAVING FOR GERMANY THIS SATURDAY SO I WON'T BE HERE BUT WANTED TO TAKE PART - I'LL TRY TO READ OR PARTICIPATE FROM THERE IF I CAN!
FOR CONNIE - FOR POSTING IN YOUR GATHER CHAT NEXT WEEK:
There are a plethora of issues discussed - anything from our currency-asian investments and debt issues or the environment - but I'd like to pick three for discussion if I may - I'll be in Europe - but I'll try to look in if I can:
1. INDUSTRIAL MANUFACTURING
I think it is a huge error that we are allowing our industrial base and electronics industries to be completely taken over by Southeast Asia.
Prior to reading Steingart's book I had not considered the implications and taken it for granted that we can survive with service industries - which already proved to be a mistake - those jobs are going to India.
My take is that we are making ourselves unneccasarily dependent on other nations.
The author makes a great case of showing us that demand is up, yet we have crippled our own industries by not protecting them.
What is your view on this issue?
For instance:
I do want to add something else here - I just saw an interview on C-Span with another author, Richard Elkus, about his book called "Winner take all".
The point of the book was to show that with the new digital technology for TVs we are now entirely dependent on China and Southeast Asia.
Why? - because TVs are no longer produced - IN FACT WE HAVE LOST THE CAPACITY FOR MANUFACTURING IN THE US!
I can think of about ten reasons why that is a threat to us.
Basically we partnered up with Southeast Asia - to develop the new technology and produce it.
In order for the United States to set up and build a manufacturing plant for digital technology now - which is all that will be available as of Feb 2008 - it would take months and an astronomical investment of billions. Yes billions.
As far as the computer industry, we better stay in the game.
(I wanted to bring in another viewpoint from an industry professional to support in just one more detail what Steingart already claimed in his book. )
2. UNITED STATES - EUROPE - ECONOMIC ALLIANCE
To me that is a no-brainer. I find it hard to comprehend that the U.S. does not seem to want to acknowledge the necessity of having an ally and a partner.
The US free trade policy is disastrous and not suited to our times any longer.
Europe is facing the same issues and if they want to survive the Asian onslaught economically they need to start protecting their own economic interests too.
Why? Because China is running - not walking through our open doors - they don't have to conquer us via an old fashioned war.
They undermine our economy and invest in our currency - daily.
Yet - we are happy to run to Walmart for the poison wares from China.
3. IS THE ELITE SELLING US DOWN THE RIVER?
The one point above all that I found so unsettling is that the rich who at present are still profiting from the globalization are in no way inclined to see a problem here.
Or are they? Do you know of efforts being made to protect the U.S. workers?
Steingarts book is based on solid and up to date facts - the rich get richer, the middle class is disappearing or struggling to hold onto status quo - never mind improving their finances and the most disheartening is the NEW POOR.
The new poor - 38 million white Americans are a real problem, as we are creating a segment of the population that is beyond being dumbed down.
If there is anything at all that is necessary to compete and survive - it is EDUCATION.
ILLITERACY, a feeling of knowing that you do not matter - these people know they do not have a shot at a job. In the past there was hope for education and seeing your children do better.
That is no longer the case for our new poor - alarming!
How do you see this?
The other side of the coin - is that we need to continue to provide a first class education to our young. It's through education and knowledge that you stay on top. We need to work on improving what we have or it will soon no longer be good enough.
LAST THOUGHTS:
We need to address our health and welfare systems and examine our current free trade system. We still have time to come out ahead and stay in the game and become part of the New World Order - but time is running out, the longer we wait, the harder it will be.
It is time for an alliance, a framework of regulations for global trade and for the government of the West to protect itself!!!!!
WHAT DID YOU THINK ABOUT THE HEALTH AND WELFARE SUGGESTIONS AND IMPLEMENTATIONS MADE BY STEINGART?
WOULD THEY GIVE US AN EDGE AND LEVEL THE PLAYING FIELD?
I wonder how the presidential candidates intend to address this issue.
I CAN'T WAIT TO HEAR WHAT YOUR OPINIONS ARE - I FEEL LIKE RUNNING OUT AND FORMING AN ORGANIZATION FOR THE PROTECTION OF THE ECONOM INTERESTS OF THE UNITED STATED OF AMERICA AND EUROPE.